The debate about bitcoin’s scalability should be viewed as a positive indicator, not a negative one. Instead, it has delivered a barrage of negative media that might have affected bitcoin’s price. The reverberations around bitcoin developer Mike Hearn’s departure from bitcoin continue, but bitcoin’s price has begun to recover while the global stock market is tanking.
The recent price activity is only one reason Martin Tillier, a financial advisor writing in Nasdaq whom we’ve sourced before, has concluded: “Reports of Bitcoin’s Death Are Greatly Exaggerated.” Tillier thinks the discussion about bitcoin’s scalability disproves Hearn’s negative prognostication about bitcoin.
Bitcoin Gets Slammed
Hearn’s statements calling bitcoin a failure has unleashed the widest wave of bitcoin negativity to date. Some think the negative media barrage sabotaged bitcoin’s price which tumbled around 15% following his announcements.
But bitcoin’s price has since recovered some of the ground it lost, and Tillier isn’t surprised.
Many believe Hearn’s defection was grounded in the lack of support for his own solution to bitcoin’s scalability challenge, BitcoinXT. Hearn might